For people that were raised in poor families or without a family, it often seems difficult to break out free out of financial bondage.
Sometimes, despite the hard works and prayers, some people are yet financially unsuccessful. But having spoken with a few financially successful and unsuccessful men, I’ve learned that seven common mistakes can affect men’s financial growth either as a husband, brother, or father; if these mistakes are not avoided, it can make prayers and hard works ineffective.
Stop spending without a budget. As they often say, a budget is a financial statement of expected income and planned expenditure.
A lot of business magnate who find it difficult to trace their money now have project account and budgets in order to trace their money.
A financially save future always require a budget.
Don’t spend 100% of your income. Some people do not know this.
Saving up to 30% of your income can help to manage, reduce excess spending, and create opportunities to buy assets or invest whenever the time comes.
Also, with the situation of the country, it is not overly advisable to save in naira, rather in dollars so as to preserve value.
Don’t depend solely on your job
Having an alternative business is essential to achieve financial freedom. It also gives you an alternative source of income rather than depending solely on a job that you might get fired from later. Also, don’t depend on one source of income.
Another mistake people make is that they put all their savings into bank while they would have invested it and made a lot of cash out of it.
Invest in assets like land, gold, potential companies, and other assets that can generate larger income in the future.
Don’t borrow money.
You can borrow to invest but don’t borrow to do parties, buy clothes or accessories, or anything that won’t bring income. Becoming debt-free is essential to achieve financial freedom.
Always build emergency fund.
Saving up to 15% of monthly income can help to prevent debt, business capital loss, or savings loss due to emergencies like hospital bills and school bills.